Bayern Munich have reached an agreement with Crystal Palace to sign winger Michael Olise, according to Sky Germany.

The Bundesliga giants will pay €60m (£50.7m) including add-ons to bring the 22-year-old to the Allianz Arena.

Last week, Sky Sports News reported that Bayern, Chelsea and Newcastle had approached Palace before Chelsea dropped out of the race to sign Olise.

Chelsea offered the player a competitive financial package but he wanted to move to Bayern. He is now expected to sign a contract until 2029 with Vincent Kompany’s side.

After joining Palace in 2021, Olise scored 10 goals and provided six assists in 19 appearances last season, despite a largely injury-hit campaign. His current deal with the Premier League club was not due to expire until 2027.

When does the summer transfer window open and close?

The 2024 summer transfer window in the Premier League and Scottish Premiership is officially open.

The window will close on August 30 at 11pm UK time in England and at 11.30pm in Scotland.

The Premier League and Scottish Premiership brought forward Deadline Day to link up with the other major leagues in Europe. The closing dates were set following discussions with the leagues in England, Germany, Italy, Spain and France.